Airways Corporation of New Zealand Limited Statement of Corporate Intent 2020-2022
Appendix A: Financial Performance Metrics ($NZm)
INTRODUCTION AND NATURE & SCOPE OF ACTIVITIES
STRATEGIC CONTEXT
Actual FY18
Forecast FY19
Plan FY20
Plan FY21
Plan FY22
Year ended 30 June
X X Profitability Total revenue
AIRWAYS’ BUSINESS UNITS
214.5 236.8 268.0 282.1
295.5
EBITDA
54.5
56.8 33.5 23.4
70.1
81.6
93.7
EBIT
31.8
40.2
45.9 49.3
FY20 KEY STRATEGIC WORKSTREAM
NOPAT
22.9 1
25.7
29.6
29.5
X X Shareholders’ returns Total shareholder return 2
MEASURE OF SUCCESS
14.2% 10.6%
–
–
–
Dividend yield
4.8% 4.9% 5.2% 5.6% 6.0% 41.8% 50.1% 48.7% 40.3% 44.8% 18.5% 16.9% 17.1% 18.0% 16.5%
Dividend payout Return on equity
FINANCIAL FORECAST BY UNIT ($NZM)
ROE, adj for IFRS movements and assets revaluations
18.2% 16.8% 17.0% 17.9% 16.4%
DIVIDENDS
X X Profitability/efficiency Return on capital employed
19.3% 17.4% 17.1% 16.5% 16.5% 14.5% 13.5% 12.4% 11.5% 11.7% 25.4% 24.0% 26.2% 28.9% 31.7% 10.7% 9.9% 9.6% 10.5% 10.0%
REPORTING TO SHAREHOLDING MINISTERS
Return on assets
Operating margin Net profit margin
POLICY FOR SHARE ACQUISITION
Asset turnover
0.9
0.9
0.7
0.7
0.7
X X Leverage/solvency Equity multiplier
COMPENSATION FROM THE CROWN
1.7
1.9
2.4
2.4
2.3
Gearing ratio (net) – excluding leases Gearing ratio (net) – including leases
22.4% 31.1% 39.0% 41.5% 37.6%
–
–
51.6% 52.1% 48.5%
THE CROWN’S INVESTMENT IN AIRWAYS
Interest cover (before capitalised interest)
23.4
18.5
19.7
18.2
20.7
Solvency (current ratio)
0.7
0.7
0.8
0.8
0.8
APPENDICES
X X Growth/investment Revenue growth
4.6% 10.4% 13.2% 5.3% 4.8%
EDITDAF growth
(2.1%)
4.2% 23.5% 16.5% 14.8% 2.1% 9.8% 15.3% (0.3%)
DIRECTORY
NPAT growth
(3.3%)
Capital employed growth
11.0% 21.5% 22.6% 14.5% 1.5%
Capital renewal
2.0
2.2
2.9
2.3
1.2
1. Does not include a $4.2m gain on sale of surplus land 2. Company valuations are not forecast from 2019–20.
Definitions for the financial performance measures above are at the following link: https://treasury.govt.nz/sites/default/files/2015-09/fpm-soes.pdf
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